Fortrea Holdings Inc. ( (FTRE) ) has released its Q3 earnings. Here is a breakdown of the information Fortrea Holdings Inc. presented to its investors.
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Fortrea Holdings Inc. is a leading global contract research organization providing clinical development solutions to the life sciences industry, partnering with biopharmaceutical, biotechnology, medical device, and diagnostic companies to advance healthcare innovation worldwide. In its third-quarter 2024 earnings report, Fortrea announced revenues of $674.9 million, experiencing a slight decline from the previous year’s third quarter. The company reported a GAAP net loss of $18.5 million, but highlighted an adjusted EBITDA of $64.2 million, indicating a sequential increase of 16.3% from prior quarters. Fortrea’s book-to-bill ratio was recorded at 1.23x for the quarter. Key financial metrics reveal a year-to-date revenue of $1,999.4 million, with a significant GAAP net loss of $197.6 million. The company maintains a robust backlog of $7,571 million, reflecting its strong market position. Fortrea’s adjusted EBITDA guidance for the full year remains steady at $220 million to $240 million, while revenue guidance has been updated to a range of $2,700 million to $2,725 million. Looking ahead, Fortrea remains focused on its strategic goals and ongoing initiatives, including completing its post-spin transition from Labcorp, which involves significant IT and infrastructure advancements to support future growth.
